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03.23.13

Cyprus Making ‘Significant Progress’

Petros Karadjias/AP

All eyes are on Cyprus as it edges closer to a bailout to save its economy. The country's finance minister, Michalis Sarris, reported Saturday that "significant progress" had been made in negotiations with creditors. Still, Sarris admits there are still issues, including a proposed tax on banks savings at the Bank of Cyprus. The island nation must raise 5.8 billion euros from various creditors by Monday in order to access a 10 million-euro bailout from the European Union, the European Central Bank, and the International Monetary Fund. If the bailout doesn't happen, Cyprus will be cut off from ECB emergency funding and go bankrupt.